Is it a seller’s market and how does that affect me as a buyer?
Hello friends, my name is Dawn D’Amico and I am a licensed realtor (PA & NJ) working in the Philly Metro. In this article, I am going to talk to you about the current state of the housing market and how it affects buyers.
As you know, the housing market is constantly changing. What was a buyer’s market just a few years ago could quickly become a seller’s market. So, how do you know if it is a seller’s market? Well, a seller’s market is when there are more buyers than sellers. This means that there is more demand for homes than there is supply. As a result, homes tend to sell quickly and for more money.
There are few things that can cause a seller’s market. The first is low interest rates. When interest rates are low it makes it more affordable for more people to buy a home. This can lead to an increase in demand. Another factor that can cause a seller’s market is a strong economy. When the economy is doing well people tend to just have more money to spend. Which can also lead to an increased demand for the homes.
So, how does a seller’s market affect you as a buyer? Well for starters, it means that you are going to be competing with the same buyers for the same home that you want. This can make it more difficult to find a home that you are interested in and can afford. It also means that you will be more likely to have to pay more for a home than you would if you were in a buyer’s market. And, you may also have to deal with bidding wars where multiple buyers are competing for the same home you want.
How can you make a strong offer in a seller’s market?
There are a few things you can do to make a strong offer in a seller’s market.
First, you will want to act quickly. Be prepared to act quickly. If you see a home that you are interested in, do not wait to make an offer. You will also want to be willing to pay more than the asking price, especially if it just hit the market.
In a seller’s market, homes often sell for more than the asking price. And, you may want to consider waving some contingencies, like the home inspection, the appraisal, or maybe a combination of contingency waivers. Depending on how competitive it is in your desired neighborhood, this will make your offer more attractive to sellers.
Now, if you need to buy a home in a seller’s market, it is really important to be prepared, know what you are getting into, and do your research. The most important thing is to work with an experienced realtor.
I can help you navigate the market and make a strong offer. And, if you are ready to start your home buying journey, I will be here to help you. Just reach out to me anytime.
I hope this article has helped you learn more about the seller’s market and how it affects buyers.
If you are buying, selling, investing or just have some questions, please do not hesitate to reach out to me and share my information with anyone who might need it.
Dawn D’Amico: 215.962.9307
damico.dawn@gmail.com
